I work for a company that manufactures machine tools. The term "machine tool" can be used to describe a broad category of equipment used by manufacturers to produce parts or products. They are usually expensive, computer controlled machines that allow the user to program multiple tools to perform a series of tasks on a piece of raw material.
My company is a member of AMT, our market segment is off over 70% from 3 years ago. This report is really bad news. We were hoping for a 3rd quarter rally to put us back in the black. We can't downsize anymore, this could be the death rattle.